WELCOME

Thank you for joining us.

OVERVIEW THE CARBON STEEL SECTOR

Philip Gibbs 216-689-0312
Tyler Kenyon 216-689-7127

KeyBanc Capital Markets Inc.

Member NYSE/FINRA/SIPC

Important disclosures for the companies mentioned in this report can be found at
https://key2.bluematrix.com/sellside/Disclosures.action.

GLOBAL MACRO REMAINS UNCERTAIN;

FUNDAMENTALS IN THE U.S. IMPROVING

More Balanced/Positive Micro

Global Macro

Factor
Deflationary Backdrop Stabilizesfor Now. Recent easing of
USD strength, lift in crude oil prices have served to support cost
curves/broader commodity complex. 1Q16 Chinese iron ore
replenishment (plus culling of domestic mine production) ahead of
seasonal strength in finished steel demand has vaulted iron ore
prices toward $60/tonne vs. late 15 lows nearer $40/tonne.
Abatement in elevated Chinese steel exports; greater alleviation
of USD strength; stabilization in global crude, iron ore and copper
prices at these levels remains questionable.

U.S. Supply Side Normalization Underway. Supply-demand is

achieving equilibrium in sheet (imports, outages, easing destocking) vs. stable demand. We believe end users and service
centers will be buying in-line with need in the 2H16 (vs.
aggressive inventory paring seen in 15-1Q16).
Demand Growth Tepid. While auto and construction remain
bright spots, lagging energy and industrial end markets continue
to weigh on core/real demand growth. We see flattish demand in
16 and 1-2% growth in 17.

Status/2016 Outlook

Off Bottom/ Future

Unknown

NT Sheet SupplyDemand in Balance

Nominal Growth Intact

Source: Key Banc Capital Markets Inc.

U.S. CARBON STEEL DEMAND GROWTH NOMINAL

2016E U.S. Finished Steel End Markets
Other 3%
Machinery
and
Equipment
9%

Constuction
47%

Energy 3%

Auto 27%

KeyBanc Capital Markets Real Carbon Steel Dem and Forecast - By End Market

Market
Machinery and Equipment
Energy
Automotive Production
Container
Appliance
Military

2015E
(7%)
(55%)
3%
0%
3%
0%

2016E
(5%-10%)
(35%-45%)
2%
(2%)
2%
0%

2017E
0%
20%
(2%)
0%
2%
0%

Construction

2%

5%

3%

Military
3%
Appliance
4%

Container
4%

Source: American Iron and Steel Institute (AISI), KeyBanc Capital Markets Inc.

U.S. CARBON STEEL SUPPLY-SIDE RECOVERED

Carbon Steel Monthly Import Trend*
Total Finished Carbon Steel Imports

Carbon Steel Monthly Service Center Inventories

Flat Rolled Carbon Imports

Total Carbon Inventories

4,000

1,400

3,500

1,200

Flat Rolled Inventories

9,500

6,500

2,500
800

2,000

600

1,500
1,000

400

500

200

Thousand Short Tons

1,000

6,100
Thousand Short Tons

3,000

9,000
Thousand Short Tons

Thousand Short Tons

6,300

5,900

8,500

5,700
5,500

8,000

5,300

5,100

7,500

4,900

7,000

4,500
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16

Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16

4,700

Source: U.S. Census Bureau, International Trade Administration, KeyBanc Capital Markets Inc
*Based on final data from the Census Bureau for January, preliminary for February and ITA licensing data for March (through March 24th).

LOW DEMAND GROWTH, MILL SHIPMENTS EXPECTED

TO GROW VIA SUPPLY-SIDE RESTORATION
KeyBanc U.S. Finished Steel Consumption/Supply Forecast
in thousands short tons
2014
2015
2016E

2017E

Estimated U.S. Finished Steel Mill Shipments

Less Finished Steel Exports
(1) Subtotal
Growth YoY
(2) Finished Steel Imports
Growth YoY
(3) Change in Service Center Inventories
(1+2+3) Apparent Steel Consumption
Growth YoY
Real Steel Consumption
Growth YoY
Domestic Mill Melt Utilization

90,867
8,945
81,922
2.2%
27,334
-0.4%
335
109,591
2.4%
109,725
1.5%
77.0%

98,248
10,871
87,377
4.2%
32,694
36.8%
1,470
121,541
13.0%
113,206
5.8%
77.0%

86,550
8,945
77,605
-11.2%
30,434
-6.9%
(1,497)
106,542
-12.3%
107,922
-4.7%
71.0%

89,102
8,945
80,157
3.3%
27,434
-9.9%
(600)
106,991
0.4%
108,111
0.2%
76.2%

Source: AISI, U.S. Census Bureau, KeyBanc Capital Markets Inc. estimates

We see mill finished steel shipments growing 2-3% in 16, with de minimis growth in
real demand and 1H16 destocking offset by mill market share gains vs. imports
(primarily sheet). We expect imports of long products to remain elevated given still
wide spreads between U.S. and international prices, and stronger demand relative to
key sheet markets.

MILL MARKET SHARE GAINS MORE DRAMATIC IN

SHEET PRODUCTS VIA TRADE PROTECTION
KeyBanc U.S. Carbon Sheet and Strip Supply/Consumption Forecasts
2014
2015
U.S. Carbon Sheet/Strip Mill Shipments (000 tons)
50,892
46,713
Less Sheet/Strip Exports
3,978
3,747
(1) Subtotal
46,914
42,966
(2) Sheet/Strip Imports
11,615
10,982
(3) Change in Service Center Inventories
1205
-773
(1+2+3) Apparent Sheet/Strip Consumption
59,734
53,175
Growth YoY
9.9%
-11.0%
Real Sheet/Strip Consumption
58,479
53,873
Growth YoY
7.3%
-7.9%

2016E
48,592
3,747
44,845
8,445
-600
52,691
-0.9%
53,849
0.0%

2017E
49,347
3,747
45,600
8,747
200
54,547
3.5%
54,283
0.8%

Hot Rolled Sheet/Strip Shipments

Cold Rolled Sheet/Strip Shipments
Galvanized Sheet/Strip Shipments
Average Effective (Running) Sheet/Strip Capacity
Effective Utilization

19,640
10,184
18,054
57,509
84%

20,963
9,957
17,712
57,809
85%

21,969
10,148
17,979
64,624
79%

19,552
9,128
17,318
62,624
75%

Source: AISI, U.S. Census Bureau, KeyBanc Capital Markets Inc. estimates

We see mill sheet shipments growing 3-4% in 16, with no growth in real demand and
1H16 destocking offset by mill market share gains vs. imports (we see 2.5M tons
YOY).

STEEL INDUSTRY PROFIT DRIVER FORECASTS

STEEL INDUSTRY PROFIT DRIVER FORECASTS

(CONT.)

Disclosures Appendix
Important disclosures for the companies mentioned in this report can be found at https://key2.bluematrix.com/sellside/Disclosures.action.
Reg A/C Certification
The research analyst(s) responsible for the preparation of this research report certifies that:(1) all the views expressed in this research report accurately reflect the research analyst's
personal views about any and all of the subject securities or issuers; and (2) no part of the research analyst's compensation was, is, or will be directly or indirectly related to the specific
recommendations or views expressed by the research analyst(s) in this research report.
Other Disclosures
KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member
NYSE/FINRA/SIPC (KBCMI), and KeyBank National Association (KeyBank N.A.), are marketed. Pacific Crest Securities is a division of KeyBanc Capital Markets Inc.
KeyBanc Capital Markets Inc. (KBCMI) does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a
conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
This report has been prepared by KBCMI. The material contained herein is based on data from sources considered to be reliable; however, KBCMI does not guarantee or warrant the
accuracy or completeness of the information. It is published for informational purposes only and should not be used as the primary basis of investment decisions. Neither the information
nor any opinion expressed constitutes an offer, or the solicitation of an offer, to buy or sell any security. The opinions and estimates expressed reflect the current judgment of KBCMI
and are subject to change without notice. This report may contain forward-looking statements, which involve risk and uncertainty. Actual results may differ significantly from the forwardlooking statements. This report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the
specific needs of any person or entity.
No portion of an analysts compensation is based on a specific banking transaction; however, part of his/her compensation may be based upon overall firm revenue and profitability, of
which investment banking is a component. Individuals associated with KBCMI (other than the research analyst(s) listed on page 1 of this research report) may have a position (long or
short) in the securities covered in this research report and may make purchases and/or sales of those securities in the open market or otherwise without notice. As required by NASD
Rule 2711(h)(1)(A), financial interest, if any, by any research analysts listed on page 1 of this report will be disclosed in Important Disclosures, Company-specific regulatory disclosures
located above in the Disclosure Appendix. KBCMI itself may have a position (long or short) in the securities covered in this research report and may make purchases and/or sales of
those securities in the open market or otherwise without notice. As required by NASD Rule 2711(h)(1)(B), if KBCMI beneficially owns 1% or more of any class of common equity
securities of the subject company(ies) in this research report as of the end of the month immediately preceding the date of publication of this research report will be disclosed in
Important Disclosures, Company-specific regulatory disclosures located above in the Disclosures Appendix. This communication is intended solely for use by KBCMI clients. The
recipient agrees not to forward or copy the information to any other person without the express written consent of KBCMI.
Rating System:
Overweight - We expect the stock to outperform the analyst's coverage sector over the coming 6-12 months.
Sector Weight - We expect the stock to perform in line with the analyst's coverage sector over the coming 6-12 months.
Underweight - We expect the stock to underperform the analyst's coverage sector over the coming 6-12 months.
Note: KeyBanc Capital Markets changed its rating system after market close on February 27, 2015. The previous ratings were Buy, Hold and Underweight. Additionally, Pacific Crest
Securities changed its rating system to match KeyBanc Capital Markets rating system after market close on April 10, 2015, in conjunction with the merger of the broker dealers. The
previous ratings were Outperform, Sector Perform and Underperform.
Investors should assume that we are seeking or will seek investment banking or other business relationships with the company described in this report.
Please refer to the analysts' recently published reports for company-specific valuation and risks.

10

THANK YOU!
Philip Gibbs 216-689-0312
Tyler Kenyon 216-689-7127

KeyBanc Capital Markets Inc.

Member NYSE/FINRA/SIPC

Important disclosures for the companies mentioned in this report can be found at
https://key2.bluematrix.com/sellside/Disclosures.action.

11

An Overview of Ferrous Futures

Contracts and Exchanges

John Conheeney
World Steel Exchange Marketing
Platts Steel Markets North America Conference
March 14-15 Chicago

WSEM
World Steel Exchange Marketing

Chicago Mercantile Exchange Ferrous Futures

www.cmegroup.com

Iron Ore 62% Fe, CFR China (TSI) Futures

U.S. Midwest Hot-Rolled Coil (CRU ) Index Futures

Contract Unit

500 dry metric tons

Contract Unit

20 short tons

Price Quotation

U.S. Dollars and cents

Price Quotation

U.S. Dollars and cents

Trading Hours

Sunday-Friday 6:00 p.m.-5:00 p.m. NY time

with a 60-minute break each day beginning
5:00 p.m.

Trading Hours

Sunday-Friday 6:00 p.m.-5:00 p.m. NY time

with a 60-minute break each day beginning
5:00 p.m.

Minimum Price
Fluctuaton

$0.01 per dry metric ton

Minimum Price
Fluctuation

$1.00 short ton

Product Code

TIO

Product Code

HRC

Listed Contracts

Monthly contracts listed for current year and next 3

calendar years. Monthly contracts for a new calendar

Listed Contracts

The current year plus next two calendar

year

Settlement Method

Financial

Settlement Method

Financial

Final or Floatng Price

The average price of of all daily assessments published

for "Iron ore fines 62% Fe - CFR China Port" for that
month by TSI (The Steel Index)

Final or Floating Price

Average price of all CRU assessments before

the last Wednesday of the month

Last Day of Trading

Last Day of Trading

Last business day (Singapore)of the contract month.

Trading terminates on the business day prior to

the last Wednesday of the named contract month

Chicago Mercantile Exchange Ferrous Futures

European Hot-Rolled Coil, ex-Works Ruhr Germany, Platts Index

Midwest U.S. Busheling Steel (AMM) Index Futures

Contract Unit

50 metric tons

Contract Unit

20 gross tons

Price Quotation

Euros per Metric ton

Price Quotation

U.S. Dollars and cents

Trading Hours

Sunday-Friday 6:00 p.m.-5:00 p.m. NY time

with a 60-minute break each day beginning
5:00 p.m.

Trading Hours

Sunday-Friday 6:00 p.m.-5:00 p.m. NY time

with a 60-minute break each day beginning
5:00 p.m.
$0.01 per gross ton

Minimum Price
Fluctuaton

0.01 Euro

Product Code

NSF

Minimum Price
Fluctuation

Listed Contracts

24 consecutive months

Product Code

BUS

Listed Contracts

24 consecutive months

Settlement Method

Financial

Final or Floatng Price

Average price calculated for all available price

assessments published forEuropean hot rolled coil,
Ex-works Ruhr Germany for that given calendar month

Settlement Method

Financial

Termination of
Trading

Trading terminates on the last business day of the

contract month (follows the UK banking holiday schedule).

Final or Floating Price AMM US Midwest #1 Busheling Ferrous Scrap Index

Termination of
Trading

10th of the month, if 10th is a holiday/weekend,

it will terminate on the next business day

Chicago Mercantile Exchange Ferrous Futures

HMS 80/20 Ferrous Scrap, CFR Turkey (Platts) Index Futures

Contract Unit
50 metric tons

Steel Billet, FOB Black Sea (Platts) Index

Contract Unit
100 metric tons

Price Quotation

U.S. Dollars and cents

Price Quotation

U.S. Dollars and cents

Trading Hours

Sunday-Friday 6:00 p.m.-5:00 p.m. NY time

with a 60-minute break each day beginning
5:00 p.m.

Trading Hours

Sunday-Friday 6:00 p.m.-5:00 p.m. NY time

with a 60-minute break each day beginning
5:00 p.m.

Minimum Price
Fluctuation

$0.01 gross ton

Minimum Price
Fluctuaton

$0.01 gross ton

Product Code

FSF

Product Code

SSF

Listed Contracts

24 consecutive months

Listed Contracts

24 consecutive months

Settlement Method

Financial

Settlement Method

Financial

Final or Floating Price

Average price calculated for all available

price assessments published for
HMS 80/20 Ferrous Scrap CFR Turkish Port

Final or Floatng Price

Average price calculated for all available price

assessments published for Steel Billet FOB Black Sea
for that given calendar month by Platts (Platts).

Termination of
Trading

Trading terminates on the last business day of the

contract month (follows the UK banking holiday schedule)

Termination of
Trading

Trading terminates on the last business day of the

contract month (follows the UK banking holiday schedule).

LME Ferrous Futures

http://www.lme.com/en-gb/metals/ferrous/

HMS 80/20 Ferrous Scrap, CFR Turkey (TSI) Index Futures

Contract Unit
10 metric tons

Platts Rebar, Turkish Exports, FOB Turkey Port Index

Contract Unit
10 metric tons

Price Quotation

U.S. Dollars and cents

Price Quotation

U.S. Dollars and cents

Trading Hours

1:00-19:00 London time

Trading Hours

1:00-19:00 London time

Inter-office 24 hours

Minimum Price
Fluctuation

LME select: $0.50

interoffice: $0.01 gross ton

Minimum Price
Fluctuation

LME select: $0.50

interoffice: $0.01 gross ton

Product Code

SC
Product Code

SC

Listed Contracts

Monthly out to 15 months

Listed Contracts

Monthly out to 15 months

Settlement Method

Financial
Settlement Method

Financial

Final or Floating Price

Average price calculated for all available

price assessments published for
HMS 80/20 Ferrus Scrap CFR Turkish Port

Final or Floating Price

Monthly Average Index Price of the "Platts Rebar,

Turkish exports, FOB Turkey port" Index, which is
available from the 16:30 on the last trading day

Trading terminates on the last business day of the

of the contract month (follows the UK banking

Termination of

Last business day of the month at 16:30 London time

holiday schedule.

Trading

Termination of
Trading

LME Ferrous Futures

Steel Billet
Contract Unit

65 metric tonnes

Price Quotation

U.S. Dollars and cents

Trading Hours

Ring: 11:40-11:45
13:05-13:10
15:30-15:35
LME Select: 1:00-19:00 (London)
Inter-office: 24 hours

Minimum Price
Fluctuation

LME select: $0.50

interoffice: $0.01 gross ton

Product Code

SC

Settlement Dates

Daily from cash to 3 months

Weekly (every Wednesday) from 3 months to 6 months
Monthly (every Wednesday) from 7 months to 15 months

Settlement Method

Physical delivery

Final or Floating Price

Monthly Average Index Price of the "Platts Rebar,

Turkish exports, FOB Turkey port" Index, which is
available from the 16:30 on the last trading day

Termination of
Trading

Last business day of the month at 16:30 London time

Singapore Exchange Ferrous Futures

http://www.sgx.com/wps/portal/sgxweb/home/products/derivatives/commodities
Iron Ore 62% Fe, CFR China (TSI) Swaps

Iron Ore 62% Fe, CFR China (TSI) Futures

Contract Unit

500 dry metric tons

100 dry metric tons

Price Quotation

U.S. Dollars and cents

U.S. Dollars and cents

Trading Hours
(Singapore time)

Every business day except common Singapore and UK

Holidays

Every business day except common Singapore and UK

Holidays

T session: 8.00 am 8.00 pm

T+1 session: 8:00 pm-4:00 am
Last trading day: 8:00 am-8:00 pm

T session: 8.00 am 8.00 pm

T+1 session: 9:00 pm-2:00 am
Last trading day: 8:00 am-8:00 pm

Minimum Price
Fluctuation

$0.01 per dry metric ton

$0.01 per dry metric ton

Product Code

FE

FEF

Listed Contracts

Up to 48 consecutive months starting with current month.

12 consecutive months will be added upon expiry in
December.

Up to 48 consecutive months starting with current month.

12 consecutive months will be added upon expiry in
December.

Settlement Method

Financial

Financial

Final or Floating Price The average price of all daily assessments published
for "Iron ore fines 62% Fe - CFR China Port" for that
month by TSI (The Steel Index). The last publication day is
is last Singapore business day of the month.

The average price of all daily assessments published

for "Iron ore fines 62% Fe - CFR China Port" for that
month by TSI (The Steel Index). The last publication day is
is last Singapore business day of the month.

Last Day of Trading

Last business day (Singapore)of the contract month.

Last business day (Singapore)of the contract month.

Nasdaq Commodities Inc. (Stockholm)

www.nasdaqomx.com/transactions/markets/commodities

Midwest U.S. Shredded Steel Scrap (TSI) Index

Midwest U.S. Hot-Rolled Coil (TSI) Index

Contract Unit

20 gross tons (2240 lbs.)

Contract Unit

20 short tons

Price Quotation

U.S. Dollars and cents

Price Quotation

U.S. Dollars and cents

Trading Hours

Monday-Friday 3:00 a.m.-1:00 p.m. NY time .

Trading Hours

Monday-Friday 3:00 a.m.-1:00 p.m. NY time .

Minimum Price
Fluctuation

$0.25 per gross ton

Minimum Price
Fluctuation

$0.01 per short ton

Product Code

USSH

Product Code

USHRC

Listed Contracts

12 contiguous months, quoted monthly and quarterly.

Listed Contracts

24 contiguous months, quoted monthly, quarterly

and yearly

Settlement Method

Financial
Settlement Method

Financial

Final or Floating Price

The average weighted price for the first

10-days of each month as published by
TSI (the Steel Index)

Final or Floating Price

The average price of all daily assessments published

by TSI for that month.

Last Day of Trading

Last business day (UK) of the contract month.

Last Day of Trading

The first business day preceding publication of the

final price by TSI.

Nasdaq Commodities Inc. (Stockholm)

/

Anticipated launch date Tuesday March 29, 2016

Iron Ore 62% Fe, CFR China (TSI) Index

ASEAN Imports CFR Port TSI Index

Contract Unit

1000 metric tons

Contract Unit

20 metric tonnes

Price Quotation

U.S. Dollars and cents

Price Quotation

U.S. Dollars and cents

Trading Hours

Monday-Friday 3:00 a.m.-1:00 p.m. NY time .

Trading Hours

Monday-Friday 3:00 a.m.-1:00 p.m. NY time .

Minimum Price
Fluctuation

$0.01 per dry metric ton

Minimum Price
Fluctuation

$0.01 per short ton

Product Code

CHN62FE

Product Code

ASEHRC

Listed Contracts

24 continuous months

Listed Contracts

24 contiguous months, quoted monthly, quarterly

and yearly

Settlement Method

Financial
Settlement Method

Financial

Final or Floating Price

The average price of all daily assessments published

for "Iron ore fines 62% Fe - CFR China Port" for that
month by TSI (The Steel Index)

Final or Floating Price

The average price of all daily assessments published

by TSI for that month.

Last business day (UK) of the contract month.

Last Day of Trading

Last business day (UK) of the contract month.

Last Day of Trading

Nasdaq Commodities Inc. (Stockholm)

Premium Hard Coking Coal, FOB East Cost Australia Port, (TSI) Index
Contract Unit

1000 metric tons

Price Quotation

U.S. Dollars and cents

Trading Hours

Monday-Friday 3:00 a.m.-1:00 p.m. NY time .

Minimum Price
Fluctuation

$0.01 per dry metric ton

Product Code

COKEAUS

Listed Contracts

24 continuous months

Settlement Method

Financial

Final or Floating Price

The average price of all daily assessments published

by TSI for that month

Last Day of Trading

Last business day (UK) of the contract month.

January 2016 Ferrous Futures Volumes

Exchange

Product Contract Size

Shanghai Futures Exchange

Rebar
Dalian Commodity Exchange Iron Ore
Singapore Exchange
Iron Ore
CME
Iron Ore
CME
US HRC
LME
Rebar
LME
80/20 HMS

10 mt
100 mt
100 mt*
500 mt
20 gt
10 mt
10 mt

Contract Volume
63 million
29 million
1.36 million
38 thousand
58 hundred
250
1,250

Tonnes
6.3 billion
2.9 billion
136 million
18.9 million
116 thousand
2,500
12,500

China exchanges double count volume. These figures have been standardized to US and LME standards.
*Swaps (500 mt contract) volumes have been standardized to the 100 mt futures equivalent

Launch
2008
2011
2013
2010
2009
Nov. 2015
Nov. 2015

Active Ferrous Futures Brokers and

FCMs

FCM

Representative

Phone

email

ADM
DH Darbie/Mizuho

Ira Levine
Dan Uslander

212-785-2892
(917) 720-3318
212-269-7271
212-379-5492
312-730-9771
212 278 5661 office
832-622-2262

ira.levine@admis.com
d.uslander@dhdarbie.com

FC Stone
Spencer Johnson
Maquarie
David Coates
Soc Gen/Newedge
Chris Olmstead
Crunch Risk Trading Andre Marshall
(OTC)*
Jack Marshall
*clears customer business with multiple FCMs

spencer.johnson@fcstone.com
david.coates@macquarie.com
christopher.olmstead@sgcib.com
andre.marshall@crunchrisk.com

Poll question: Have you ever traded

futures?
To see the audience poll question
results, please replay the webinar.

Poll question: Whether you have

traded futures in the past or not,
would you be interested in learning
more about the ferrous futures
products?
To see the audience poll question
results, please replay the webinar.

For additional information about Nasdaqs ferrous

futures or futures trading in general, please contact:
John R. Conheeney
President
World Steel Exchange Marketing
456 Sylvan Ave.
Englewood Cliffs, NJ 07632
201-503-0922 (office)
201-785-4347 (cell)
jconheeney@wsemgroup.com

WSEM
World Steel Exchange Marketing

Methodology
Data-driven methodology using
transaction data to calculate
volume-weighted price indices
TSI Data Providers submit spot
transaction data to TSI under
confidentiality agreement
Physical market participants only
(over 600 registered today)
Representatives from all relevant
points of the supply chain, buy
and sell sides
Submission direct to TSI database
through secure on-line channel
Data normalised and cleaned
before volume-weighted
averages calculated for the day
or week

The Steel Index Methodology Video

https://youtu.be/FlIxVVDvkvI
The Steel Index On YouTube

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TSI Senior Team

Steven Randall
London
TSI Managing Director
Office: +44-20-7176-7649
Email: randall@thesteelindex.com

Tim Hard
Singapore
TSI Director
Office: +65-6530-6413
Email: hard@thesteelindex.com

Vaseem Karbhari
London
TSI Senior Analyst
Office: +44-20-7176-7657
Email: v.karbhari@thesteelindex.com

Oscar Tarneberg
Shanghai
TSI Senior Analyst
Office: +65-6530-6412
Email: o.tarneberg@thesteelindex.com

Kurt Fowler
Pittsburgh
Sr. Manager, Americas
Office: +1 412-431-0584
Email: k.fowler@thesteelindex.com

Jasmine Kurjakovic
Pittsburgh
TSI Analyst, Americas
Office: +1 202-322-8845
Email: kurjakovic@thesteelindex.com